Matthew Cox: evaluation

Transcript context

…How can you find a way to commit crime in this? How can you do fraud in this space? It’s very difficult for the average guy to commit fraud because there’s so many safeguards set up. If you were to go in and say, “I make $300,000 a year,” “Okay, well, we want your W-2s, we want your pay stubs. We’re going to call your employer. We’re going to check to make sure your employer… how long they’ve been incorporated. We’re going to check to make sure they’re registered.” It’s like your whole plan fell apart because the average guy can’t do that. He can’t even come up with the pay stub and W-2. So the average person, or “I’m going to put down this much money,” but you’re going to borrow that money from the seller. Okay, well then they start asking for bank statements. “Where did the money come from? How long has it been in your bank?” You can’t even have it put in your bank for a day, get a letter. It’s got to have been there for 90 days or 60 days, depending on the bank. And so there’s all these ways… For the average person, it’s very difficult to commit fraud. The average guy that works at Walmart and makes $60,000 a year, and he’s been there for five years and he saved his deposit, that’s really the guy that those transactions are set up for. To borrow a mortgage from Bank of America, that’s the guy they’re looking for. So to commit fraud in this space, you have to misrepresent some aspect of your identity, of how much you’re worth, how much money you have, this kind of stuff?…

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